BAVA vs GAVA: which tracked its coin?
Over the window both share, BAVA finished 0.27 of a percentage point behind Avalanche and GAVA 0.47 behind. Bitwise Avalanche ETF and Grayscale Avalanche Staking ETF.
BAVA since launch: fund +16.37%, Avalanche +15.80%, 0.57 pts ahead of Avalanche.
GAVA since launch: fund +14.82%, Avalanche +12.99%, 1.83 pts ahead of Avalanche.
A percentile among the 25 spot crypto ETPs listed less than a year. It is a position in a set, not a rating, and neither end of it is a recommendation. All crypto ETFs ranked by it → How it is computed →
The same coin, two trusts
BAVA and GAVA hold the same asset. Both are 1933 Act trusts holding Avalanche through a custodian, so neither has a portfolio to compare: the whole of each fund is one line. Over the days each has traded, BAVA finished 0.57 of a percentage point ahead of Avalanche and GAVA 1.8 percentage points ahead, but the two windows are not the same days, so neither figure is set against the other here. That gap is the fee, the custody, the creation and redemption friction and the market’s pricing of the shares, compounded into one figure.
Performance, window by window
| Total return | The coin over the same days | Difference, percentage points | ||||
|---|---|---|---|---|---|---|
| Window | BAVA | GAVA | BAVA | GAVA | BAVA | GAVA |
| 1 month | +51.2% | +51.2% | +51.2% | +51.2% | +0.1 pts | 0.0 pts |
| 3 months | +63.8% | +63.6% | +64.1% | +64.1% | −0.3 pts | −0.5 pts |
| 6 months | not published | +20.3% | not published | +19.7% | not published | +0.6 pts |
| Since each listed BAVA Apr 2026 · GAVA Mar 2026 | +16.4% | +14.8% | +15.8% | +13.0% | +0.6 pts | +1.8 pts |
BAVA and GAVA over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
BAVA and GAVA on the same fields, as of Sep 30, 2026. Source: ETFIQ.
BAVA in plain words
BAVA holds Avalanche through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since it listed to Sep 30, 2026, Avalanche moved +15.8% and BAVA returned +16.4%. That leaves it 0.57 of a percentage point ahead. That difference is the fee, the custody cost, the friction of creating and redeeming shares in blocks, and whatever the market paid for the shares rather than for the coin, all of it together. It is the only figure on this page the sponsor does not publish itself. BAVA charges 0.34% a year and finished 0.6% ahead of Avalanche, which a fee cannot do on its own. Avalanche is a proof of stake chain, so a fund holding it can stake. BAVA’s own filings say it does (10-Q, Aug 12, 2026). What the prices show is that it finished 0.6% ahead of Avalanche’s own price over the same days, against +2.5% for the other 2 funds holding Avalanche. After a fee, an in-kind ETP ahead of the asset it holds got there by staking. A spot trust is not a registered investment company. It files a 10-K rather than an N-PORT, and its holding is one line: the Avalanche it custodies.
GAVA in plain words
GAVA holds Avalanche through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since it listed to Sep 30, 2026, Avalanche moved +13.0% and GAVA returned +14.8%. That leaves it 1.8 percentage points ahead. GAVA charges 0.35% a year and finished 1.8% ahead of Avalanche, which a fee cannot do on its own. GAVA’s own filings say it does (424B3, Aug 7, 2026). What the prices show is that it finished 1.8% ahead of Avalanche’s own price over the same days, against +2.5% for the other 2 funds holding Avalanche.
Questions people ask
- Which tracked Avalanche more closely, BAVA or GAVA?
- Over the days each has traded, BAVA finished 0.57 of a percentage point ahead of Avalanche and GAVA 1.8 percentage points ahead. Those are not set against each other here, because the two windows are not the same days, so neither is nearer its coin than the other on this page. Each difference carries the fee, the custody cost, the friction of creating and redeeming shares in blocks and whatever the market paid for the shares rather than for the coin.
- Do BAVA or GAVA pay a staking yield?
- Avalanche is a proof of stake chain, so staking is possible. Whether either trust stakes, and what the sponsor keeps of it, is a term in its own filings and is read from those rather than assumed.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, BAVA against GAVA, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/bava-vs-gava
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, BAVA against GAVA, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/bava-vs-gava Free to use with attribution; the underlying files are at Open data.
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